How to Fund Your Retirement Hobby

Hobbies can boost morale, but they’re not always fixed-income friendly. Here’s how to fund your new hobby without compromising your financial security.

By Rebecca L. Bennett

 

According to AARP, one of the most fulfilling ways to spend your retirement is by pursuing activities that bring you enjoyment and give you a sense of purpose and meaning. In fact, in AARP’s article, “10 Secrets of a Happy Retirement,” an expert recommends having not just one retirement hobby, but actually two or three, and incorporating those hobbies into your daily routine.

But sometimes, hobbies come with price tags. Hiking, for example, requires a sturdy backpack, outdoor clothing, a durable and comfortable pair of boots and possibly hiking poles — none of which are cheap!

If the hobby you’re eyeing may put a strain on your wallet, it might be time to tinker with your budget:

Assess Your Finances

First, take an inventory of your current income and expenses. After the checks come in and bill payments go out, do you have any excess spending money for your new hobby? Try to identify unnecessary expenses you could trim to free up some funds.

Create a Hobby Fund

Next, create a hobby fund within your regular budget. Budgeting a little each month will help ensure you can prioritize and enjoy the activity without financial strain. It also means you won’t be tempted to dip into your savings. You can adjust this amount as you go!

Look for Cost-Effective Alternatives

You could also explore cost-effective ways to indulge in your hobby. If you’re passionate about art, this could mean buying adequate rather than top-of-the-line art supplies, or attending community classes instead of pricey workshops.

Take Advantage of Senior Discounts

Another way to save money on your hobby is by taking advantage of senior discounts. Whether it’s cheaper admission tickets, membership fees or product purchases, these savings can improve your hobby budget, allowing you to do more with less.

Generate Additional Income

One more way to fund your retirement hobby is by creating more income, whether this is through the hobby in question or other means. Some examples are renting out your equipment or space, teaching classes, selling handmade crafts or offering consulting services. However, keep in mind that mixing work and play can sometimes take the enjoyment out of an activity!

Personal Finance